Linden Plaza Development in East New York Sold for $1Bil to Real Estate Group

photo creditL: NYC Newswire

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Major Acquisition to Transform East New York Housing

Camber Property Group has completed a nearly $1 billion acquisition of Linden Plaza, an 11-building, 1,527-unit multifamily complex in East New York, Brooklyn, as reported by Commercial Observer. The property was purchased from Linden Plaza Preservation, managed by RY Management, with the deal closing just before the new year. Rick Gropper, founding principal at Camber, called the transaction “historic” and one of the largest multifamily deals in New York City. “This transaction allows all stakeholders in a public-private partnership to make real improvements to benefit the residents’ quality of life,” Gropper said.

$400 Million in Planned Renovations

Camber plans to invest $400 million in extensive upgrades, including modernized kitchens, bathrooms, common areas, and HVAC systems. These renovations aim to address long-standing issues residents have faced, such as mold, collapsing ceilings, and leaky pipes. Despite numerous complaints, previous management failed to make necessary repairs. Housing Opportunities Unlimited will assist residents with temporary relocation during apartment renovations, ensuring minimal disruption.

Introducing Critical Social Services for Residents

Beyond physical improvements, Camber is committed to enhancing residents’ quality of life through vital social services. Planned programs include mental health counseling, job training, and financial literacy workshops, designed to provide long-term support and stability for families living in Linden Plaza.

Public-Private Partnership Fuels Redevelopment

The $845 million redevelopment is financed through partnerships with J.P. Morgan Chase, Merchants Capital, the New York City Housing Development Corporation (HDC), the New York City Department of Housing Preservation and Development (HPD), and Freddie Mac. No brokers were involved in the deal, and stakeholders from these organizations have not yet provided comments.

Restoring Pride in East New York Housing

“This project will allow us to provide critical services to the residents, restore long-neglected amenity spaces, and create a place they’re proud to call home,” Gropper stated. Built in 1971 over a nine-block railyard at 675 Lincoln Avenue, Linden Plaza has been a central part of East New York’s housing landscape. This massive investment signals a significant step forward in revitalizing the community and improving living conditions for thousands of Brooklyn residents.

 

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